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Shiba Inu The daily chart has consolidated in a triangular pattern, suggesting a possible breakout in the near future. On-chain data, however, indicates a worrying trend. There are indications that the asset is moving away from its critical support in the range of $0.000022 to $0.000023, which is held by approximately 33 trillion SHIB held by 45.78% of investors in the cash. addresses.
SHIB may experience a significant retracement if this support zone breaks. In/Out of the Money data shows that there is a lot of buying activity in this range, which is why the current price zone is holding up. However, there appears to be potential selling pressure in this area as a large number of out-of-the-money addresses dominate resistance above $0.000025.
The clustering of these red zones suggests that SHIB will struggle to increase without an increase in purchasing demand. Subsequent important support zones located at $0.000018 and $0.000019 could be targets for a decline due to loss of confidence in the support level. In the event that the $0.000022 threshold is crossed, these levels, which correspond to past buying zones, could serve as a buffer.
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SHIB is trading near the top of the tightening triangle formation visible on the technical chart. Usually this pattern precedes a dramatic blowout or breakdown. SHIBFuture developments will likely be determined by rising volumes and market sentiment in the coming days, given the unpredictability of the market as a whole. Important support if SHIB price declines will be the 200-day moving average, which sits at around $0.000018 and the trendline of the most recent rally.
Resistance at $0.000028 could be the target for a break above $0.000025, which would reignite the bullish momentum. A breakout of the triangle pattern could push the asset towards higher resistance levels if SHIB support at $0.000022 remains firm. A retracement could, however, occur if buying momentum wanes or there is general market weakness. For possible clues, investors should keep an eye on the support at $0.000022 and the resistance at $0.000025.